An internship is a system of on-the-job training for white-collar and professional careers.Internships for professional careers are similar to apprenticeships for trade and vocational jobs. Although interns are typically college or university students, they can also be high school students or post-graduate adults. On occasion, they are middle school or even elementary students. In some countries, internships for school children are called work experience.
Generally, an internship consists of an exchange of services for experience between the student and his or her employer. Students can also use an internship to determine if they have an interest in a particular career, create a network of contacts, or gain school credit. Some interns also find permanent, paid employment with the companies in which they interned. Thus, employers also benefit as experienced interns need little or no training when they begin full-time regular employment.
TYPES OF INTERNSHIPS
Internships exist in a wide variety of various industries and setting. An internship may be paid, unpaid or partially paid (in the form of a stipend). Paid internships are common in professional fields including medicine, architecture, science, engineering, law, business (especially accounting and finance), technology, and advertising fields. Non-profit charities and think tanks have unpaid, volunteer positions. Internships may be part-time or full-time—typically, they are part-time during the university year and full-time in the summer. They usually last 6–12 weeks, but can be shorter or longer, depending on the company involved. The act of job shadowing may also constitute interning.
The two primary types of internships that exist in the United States are:
Work experience internship: Most often this will be in the second or third year of the school period. The placement can be from 2 months to one full school year. During this period, the student is expected to use the things he/she has learned in school and put them into practice. This way the student gains work experience in their field of study. The gained experience will be helpful to finish the final year of study.
Research internship (graduation) or dissertation internship: This is mostly done by students who are in their final year. With this kind of internship a student does research for a particular company. The company can have something that they feel like they need to improve, or the student can choose a topic within the company themselves. The results of the research study will be put in a report and often will have to be presented. Due to strict labor laws, European internships are mostly unpaid[citation needed], although they are still popular among non-Europeans in order to gain international exposure on one's résumé and for foreign language improvement.
Another type of internship growing in popularity is the virtual internship, in which the intern works remotely, and is not physically present at the job location. It provides the capacity to attain the same results without the conventional means of being physically present at a job. Usually the internship is conducted via virtual means, such as phone, email, and web communication. Virtual interns generally have the opportunity to work at their own pace.[3]
Why Companies offer Internships
Companies offer students internships for a variety of both short and long-term reasons.
1)Short-term
In the short-term, internships provide employers with cheap (and sometimes even free) labour, for what is usually low-level office based tasks, such as photocopying, filing or report drafting.
2)Long-term
Long-term, employers can use internships as an effective way of advertising their graduate jobs and/or schemes to students. Graduate job surveys suggest that almost half of all graduate employers hire at least 20% of their ex-interns for graduate jobs and training schemes. It is highly likely that graduates will return to the organisation that hired them as an intern for full-time employment after leaving university.
The prospect of hiring ex-interns after graduating is also very appealing to employers because these graduates already understand the company and the job they will be doing. Ex-interns require little or no training.
TOP INTERNSHIPS OF THE WORLD
1. BP America
$23 to $26 per hour
BP is a British multinational oil and gas company headquartered in London, United Kingdom. It is the third-largest energy company and fourth-largest company in the world measured by 2011 revenues and is one of the six oil and gas "supermajors".It is vertically integrated and operates in all areas of the oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading. It also has renewable energy activities in biofuels and wind power.
BP has operations in over 80 countries, produces around 3.4 million barrels of oil equivalent per day and has around 21,800 service stations worldwide. Its largest division is BP America, which is the second-largest producer of oil and gas in the United States.As of December 2011, BP had total proven commercial reserves of 17.75 billion barrels of oil equivalent.BP has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It had a market capitalisation of £81.4 billion as of 6 July 2012, the fourth-largest of any company listed on the London Stock Exchange. It has a secondary listing on the New York Stock Exchange.
BP's origins date back to the founding of the Anglo-Persian Oil Company in 1909, established as a subsidiary of Burmah Oil Company to exploit oil discoveries in Iran. In 1935, it became the Anglo-Iranian Oil Company and in 1954 British Petroleum.In 1959, the company expanded beyond the Middle East to Alaska and in 1965 it was the first company to strike oil in the North Sea. British Petroleum acquired majority control of Standard Oil of Ohio in 1978. Formerly majority state-owned, the British government privatised the company in stages between 1979 and 1987. British Petroleum merged with Amoco in 1998 and acquired ARCO and Burmah Castrol in 2000.
BP has been involved in several major environmental and safety incidents, including the 2005 Texas City Refinery explosion which caused the death of 15 workers and resulted in a record-setting OSHA fine and the 2010 Deepwater Horizon oil spill, the world’s largest accidental release of oil into marine waters.In November 2012, the U.S. Attorney General announced that BP and three of its employees were indicted on criminal charges including manslaughter and obstruction of Congress. In addition BP agreed to pay a $4 billion fine, the largest criminal resolution in the history of the United States.
BP hasn't had the best PR over the past two years, but that doesn’t mean that this global energy company isn’t generous to its interns. Those students interested in electrical engineering can make bank by earning as much as $5,5000 a month, while other interns can earn $23 to $26 an hour.
If you’re interested in working with professionals on real problems that the company tackles, as well as potentially having the opportunity to transition into a fulltime position, check out BP's intern page for more details to see how you can apply.
Science, engineering and business majors: to apply, BP says to visit your career placement office to see when a BP rep will be on your campus conducting interviews.
2. JP Morgan Chase
$12,385 per internship
JPMorgan Chase & Co. is an American multinational banking corporation of securities, investments and retail. It is the largest bank in the United States by assets.It is a major provider of financial services, with assets of $2 trillion and according to Forbes magazine is the world's second largest public company based on a composite ranking.The hedge fund unit of JPMorgan Chase is one of the largest hedge funds in the United States.It was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.
The J.P. Morgan brand is used by the investment banking as well as the asset management, private banking, private wealth management and treasury & securities services divisions. Fiduciary activity within private banking and private wealth management is done under the aegis of JPMorgan Chase Bank, N.A.—the actual trustee. The Chase brand is used for credit card services in the United States and Canada, the bank's retail banking activities in the United States, and commercial banking. The corporate headquarters are in 270 Park Avenue, Midtown, Manhattan, New York City, New York, and the retail and commercial bank is headquartered in Chase Tower, Chicago Loop, Chicago, Illinois, United States.[5]
JPMorgan Chase is one of the Big Four banks of the United States with Bank of America, Citigroup and Wells Fargo.According to Bloomberg, as of October 2011 JPMorgan Chase surpassed Bank of America as the largest U.S. bank by assets.Through its predecessor, the Bank of the Manhattan Company, it is the 22nd oldest bank in the world.
The students can earn up to $12,385 through an internship at this financial firm.
If student is a finance or accounting major who has excellent analytical and communication skills and crunching numbers is second nature, this internship might be right up his alley. As a company that tends to offer fulltime analyst positions to their pool of summer analysts, it doesn’t hurt to apply to one of their six programs ranging from investment banking to asset management.
Though their summer program is mainly geared to rising seniors, they also have freshman and sophomore internship opportunities. Check them all out here.
Heads up: students should have a strong transcript. Juniors and seniors, make sure you have that 3.2 GPA and for freshmen and sophomores, you need a 3.5. Other qualifications include great communication and teamwork skills.
3. Goldman Sachs
$29 per hour
The Goldman Sachs Group, Inc. (NYSE: GS) is an American multinational investment banking firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients.
Goldman Sachs was founded in 1869 and is headquartered at 200 West Street in the Lower Manhattan area of New York City, with additional offices in international financial centers. The firm provides mergers and acquisitions advice, underwriting services, asset management, and prime brokerage to its clients, which include corporations, governments and individuals. The firm also engages in market making and private equity deals, and is a primary dealer in the United States Treasury security market. It is recognized as one of the premier investment banks in the world,[2][3] but has sparked a great deal of controversy over alleged improper practices, especially since the 2007–2012 global financial crisis.
Former Goldman executives include Robert Rubin and Henry Paulson who served as United States Secretary of the Treasury under Presidents Bill Clinton and George W. Bush, respectively, as well as Mark Carney, the governor of the Bank of Canada since 2008, Mario Draghi, governor of the European Central Bank
When one think of investment banking, Goldman Sachs is likely one of the first firms that comes to mind. Again, if one is a numbers girl and terms like “prime brokerage” and “private equity” make your heart sing, then one first stop in becoming a potential Sachs employee is landing an internship there, where one can make up to $29 an hour. Sachs offers 10-week summer internships in various locations, where interns are introduced to the company with a three to four-day orientation as well as specific firm-wide and specific division learning series. For a chance at working at this renowned firm and for more details on the application process, visit their intern page here.
4. Procter & Gamble
$26 per hour
The Procter & Gamble Company (NYSE: PG), also known as P&G, is an American multinational consumer goods company headquartered in downtown Cincinnati, Ohio, USA. Its products include pet foods, cleaning agents and personal care products. Prior to the sale of Pringles to Kellogg Company, its product line included foods and beverages.[2]
In 2012, P&G recorded $83.68 billion dollars in sales. Fortune magazine awarded P&G a top spot on its list of "Global Top Companies for Leaders", and ranked the company at fifth place of the "World's Most Admired Companies" list.[3] Chief Executive Magazine named P&G the best overall company for leadership development in its list of the "40 Best Companies for Leaders
Here interns can accumulate $26 an hour at the esteemed Procter & Gamble. Based in Cincinnati, one will be part of a P&G sponsored program called FAST, where interns are included in a “unique intern team experience solving P&G’s strategic challenges.” If one is up for the challenge and want to have a shot at being in a group where 70 to 80 percent of interns receive fulltime job offers, then take a look at P&G’s Intern and Co-op page for more information.
Here’s another perk: depending on where one should go for their internship, all U.S.-based interns are eligible for relocation benefits. The P&G website says that if your permanent or current address is more than 50 miles from your P&G intern placement, you’ll be provided with a “lump sum” based on factors like travel distance and family size.
5. Deloitte & Touche
$24.50 per hour
Deloitte Touche Tohmatsu Limited commonly referred to as Deloitte, is one of the Big Four professional services firms along with PricewaterhouseCoopers (PwC), Ernst & Young, and KPMG.
Deloitte is the second largest professional services network in the world by revenue and has 193,000 employees in more than 150 countries providing audit, tax, consulting, enterprise risk and financial advisory services. In FY 2012, Deloitte earned a record $31.3 billion USD in revenues.
In 2012, it was reported that in the UK that Deloitte has the largest number of clients amongst FTSE 250 companies.
Its global headquarters is located in New York City, United States.
Working in four primary business areas including audit, financial advisory, tax and consulting, Deloitte works to provide selected services to clients by collaborating independent firms under Deloitte Touche Tohmatsu Limited (DTTL), a UK private company. Ranked No. 1 by BusinessWeek’s “Best Place to Launch a Career” list, the company boasts that there will be “no sitting around making copies or working in a back-office environment.” If you’re ready for a hands-on experience while working in a challenging environment (and making up to $24.50 an hour), check out Deloitte’s internship page for available opportunities.
With office locations in almost 150 countries, visit their website to look for a specific location.
6. KPMG
$24.80 per hour
KPMG is one of the largest professional services companies in the world and one of the Big Four auditors, along with Deloitte, Ernst & Young (EY) and PricewaterhouseCoopers (PwC). Its global headquarters is located in Amstelveen, Netherlands.
KPMG employs 145,000 people and has three lines of services: audit, tax, and advisory. Its advisory services are further divided into three service groups – Management Consulting, Risk Consulting, and Transactions & Restructuring.
This audit, tax and advisory firm helps to solve industry-specific problems of clients in more than 144 countries worldwide. By interning at KPMG, not only can one make up to $24.80 and hour, but one will also receive training sessions, focused on key skills and knowledge for your success in the profession. Other cool perks: one will get a laptop to take back to campus to use their final year of school. Sounds pretty sweet to us. For more benefits about interning at KPMG, visit their website to learn about their Global Internship Program as well.
7. PricewaterhouseCoopers
$23.75 per hour
PricewaterhouseCoopers (trading as PwC) is a multinational professional services firm headquartered in London, United Kingdom.It is the world's largest professional services firm and the largest of the "Big Four" accountancy firms measured by 2012 revenues.
PwC has offices in 776 cities across 159 countries and employs over 180,000 people. It had total revenues of $31.5 billion in FY 2012, of which $14.9 billion was generated by its Assurance practice, $7.9 billion by its Tax practice and $8.7 billion by its Advisory practice.
The firm was formed in 1998 by a merger between Coopers & Lybrand and Price Waterhouse. The trading name was shortened to PwC in September 2010 as part of a major rebranding exercise.
As of 2012 PwC United States is the fifth-largest privately owned organization in the United States
By honing in on audit and assurance, tax and advisory services, “PwC” focuses on “16 key industries and provides targeted services that include — but are not limited to — human resources, deals, forensics, and consulting services.” One can earn $23.75 an hour while interacting with marketing professions and will “participate in technical training that is geared to bridge the gap between their academic education and your initial assignments and responsibilities as an intern.” For more details on how you can become a part of this demanding but rewarding program, explore PwC’s internship curriculum here.
8. Merck
$22.20 per hour
Merck & Co., Inc. (NYSE: MRK), d.b.a. Merck Sharp & Dohme, MSD outside the United States and Canada, is one of the largest pharmaceutical companies in the world. Merck headquarters is currently located in Whitehouse Station, New Jersey and will be relocating to Summit, New Jersey shortly. The company was established in 1891 as the United States subsidiary of the German company now known as Merck KGaA. Merck & Co. was confiscated by the US government during World War I and subsequently established as an independent American company. It is currently one of the world's seven largest pharmaceutical companies by market capitalization and revenue.
The company describes itself as "a global research-driven pharmaceutical company" that "discovers, develops, manufactures and markets a broad range of innovative products to improve human and animal health, directly and through its joint ventures".
Merck also publishes The Merck Manuals, a series of medical reference books for physicians, nurses, and technicians. These include the Merck Manual of Diagnosis and Therapy, the world's best-selling medical textbook, and the Merck Index, a compendium of chemical compounds.
Merck scientist Maurice Hilleman has been credited with saving more lives than any other scientist in the 20th century. The following are Hilleman's vaccine achievements.
- A hepatitis B vaccine that was the first vaccine to prevent a cancer in humans—the liver cancer hepatoma, a potential complication of the hepatitis B virus.
- A measles-mumps-and-rubella combination vaccine that marked the first time vaccines for different viruses were successfully combined in a single shot.
- Vaccines for meningitis and pneumonia.
- A mumps vaccine that was the product of Hilleman's alertly isolating the virus by swabbing the back of his daughter Jeryl Lynn's throat the night she was stricken with the disease (50 years later it is still the basis for most mumps vaccines).
In 2012 the company received the "Facility of the Year"-Category Winner for Facility Integration Award for the Vaccine Bulk Manufacturing Facility (VBF) Program of Projects in Durham, North Carolina, USA.[
As a business dedicated to preserving and improving human life and animal health, Merck works to “support public policies that advance the interests of patients, improve public health and promote access to medicines and innovation.” Merck seeks to recruit top-notch interns in departments such as research & development, finance, communications and sales & marketing, where they can make up to $22.20 an hour. Visit here to learn how to make your own Merck profile as well as other information on the application process.
The Merck website recommends, “All interested candidates should create a profile and then apply to posted intern/co-op positions beginning in the fall.” Visit their career site to make your profile and begin the application process.
9. Ernst & Young
$22 per hour
Ernst & Young (EY) is one of the largest professional service firms in the world and one of the "Big Four" accounting firms, along with Deloitte, KPMG and PricewaterhouseCoopers (PwC).
Ernst & Young is a global organization of member firms with 167,000 employees in more than 140 countries, headquartered in London, England. It was ranked by Forbes magazine as the eighth-largest private company in the United States in 2011.
A “global leader in assurance, tax, transaction, advisory services and strategic growth markets,” Ernst & Young pays their interns a solid $22 an hour. If you’re interested in collaborating with professionals and participating in award-winning learning and development programs, develop your career early by taking on an internship at Ernst & Young—“a great way to apply what you’ve learned in school, test the waters of the professional world and build a strong foundation for achieving your career goals,” according to their website.
The Ernst & Young website says, “Take the first step! Contact your college placement or career service office to find out when Ernst & Young is scheduled to interview on your campus” in order to apply.
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Ayushi Singh [B.Tech ]
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